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The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are intensifying their investigations into a major Bitcoin Ponzi scheme, escalating tensions just after the Maharashtra state assembly elections. The investigations center around Gaurav Mehta, an employee of an audit firm, whose Raipur residence was searched by the ED, leading to the seizure of computers and digital devices. Simultaneously, the CBI issued a summons for Mehta to appear before an investigating officer. This coordinated action follows allegations made by the BJP, who released purported voice notes suggesting that leaders from the Congress and NCP (SP) parties attempted to use cryptocurrency to influence the election outcome. These accusations were vehemently denied by both Supriya Sule of the NCP (SP) and Nana Patole of the Congress, who labeled the released audio as fabricated.
The ED's investigation into the cryptocurrency scam is far-reaching, exploring potential links between Mehta, other individuals, and high-profile figures including politicians and bureaucrats. This investigation is an extension of a larger probe into the Gain Bitcoin Ponzi scheme, which previously resulted in the ED attaching assets worth Rs 98 crore belonging to actor Shilpa Shetty and her husband Raj Kundra. The couple successfully challenged this action in the Bombay High Court. The ED alleges that the Bitcoin scheme promised investors substantial returns through Bitcoin mining, but the promoters ultimately defrauded investors, concealing the illegally obtained Bitcoins in obscured online wallets. The agency claims that Raj Kundra received 285 Bitcoins from Amit Bhardwaj, the alleged mastermind of the scheme, to establish a Bitcoin mining operation in Ukraine. These Bitcoins allegedly originated from the proceeds of crime collected by Bhardwaj from unsuspecting investors.
The ED's actions have broadened the scope of their money laundering investigation. Three individuals—Simpy Bhardwaj, Nitin Gaur, and Nikhil Mahajan—were arrested last year, while the primary accused, Ajay Bhardwaj and Mahendra Bhardwaj, remain at large. The ED has already seized properties worth Rs 69 crore in connection with this case and has filed two chargesheets—one in June 2019 and the other in February of this year. The BJP's release of purported voice notes significantly intensified the political implications of the investigation. These recordings allegedly featured conversations between Supriya Sule and Nana Patole, suggesting the use of Bitcoins to finance the election campaigns. Both Sule and Patole have strongly refuted these claims, with Sule filing complaints with the Election Commission and the state's cybercrime department.
Adding another layer of complexity to this case is the involvement of Ravindranath Patil, a former IPS officer arrested in a separate 2018 cryptocurrency fraud case. Patil claims that Mehta provided him with 10 voice notes from the Signal app, reportedly containing audio clips of Sule, Patole, and other IPS officers. Patil's complaint to the Election Commission alleges that hundreds of Bitcoins, potentially worth billions of rupees, were used in the assembly and previous Lok Sabha elections. He further alleges that Mehta is currently in possession of misappropriated Bitcoins valued in the hundreds of crores of rupees. The ED's investigation stems from multiple FIRs filed by Maharashtra and Delhi Police against Variable Tech Pvt Ltd and several individuals, including members of the Bhardwaj family. These FIRs allege that multi-level marketing agents collected vast sums of money in Bitcoins (approximately Rs 6,600 crore in 2017), promising unrealistic returns.
The Supreme Court intervened in December of last year, transferring cases against Variable Tech Pte Ltd across the country to the CBI. At least ten FIRs were initially filed against the company and the Bhardwaj family. The Supreme Court's order allowed the CBI to consolidate these FIRs and to continue investigations, even if local police had already filed chargesheets. The CBI initiated its own investigation in October this year and is currently examining Mehta's alleged involvement in the scam, with the potential to expand the scope of its inquiry. The interconnectedness of this case—linking a significant Bitcoin Ponzi scheme, high-profile politicians, and law enforcement agencies—highlights the scale and complexity of the financial crime and the ongoing political ramifications of its investigation.
Source: ED Records Statement Of Audit Company Employee In Bitcoin Scam; CBI Asks Him To Appear